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Like with doctors there is always a second opinion. The numbers on my weekly chart will differ from the daily because the weekly is a composite and uses prices from previous contracts.
In the system that I use the long term target for crude was 79.17 on one cycle and basically price got to within a dollar of that number. It acted as resistance as it should an price is in a retracement of that rally. There is a longer cycle with a projection to 84.50, The next price objective for this up move on the weekly would be 60+/-, The down move on this chart has a target price of 41.36 with support at 47.
The daily chart tells a slightly different story. There is divergence at the high and there is downside pressure upon price and the very short cycle target price was hit. The next price objective on the upside would be 60. The larger down move has a target price of 46.25. To restart the move down price would have to hit 55. If that happens then the first support would be at 51.50 and then 48.
There are shorter cycles at work here that currently would provide a short trade on a shorter time frame chart. As this was not a scalping question, I will my answer where it is. At this hour I hope that I didn't transpose any numbers.
Have a good week end Ben, Ira
www.thetradersguide.net
I have attached 2 charts
one labeled clo7h from 2 weeks ago when long term trading (bottom chart signaled a buy when it pierced the lower line and then re enter up
gif 2 labled cl07hd is from todays close
long term trading is suggesting exit long
(not neccerily a short)
it inly toched the upper line,
Ben
----- Original Message -----
From: Rakesh Kumaar Sahgal
To: realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, February 01, 2007 8:22 PM
Subject: [RT] Crude Oil
Anybody would like to share their views on CL ?
TIA
Regards
Rakesh
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